Prospectus excerpt:  PrivateBancorp Capital Trust IV, a Delaware statutory trust, will issue the Trust Preferred Securities. Each Trust Preferred Security represents an undivided beneficial interest in the Trust. The only assets of the Trust will be the 10.00% Junior Subordinated Debentures due 2068 issued by PrivateBancorp, Inc., which we refer to as the ÙDebentures.ˆ The Trust will pay distributions on the Trust Preferred Securities only from the proceeds, if any, of interest payments on the Debentures. The Debentures will bear interest from and including May 22, 2008 at the annual rate of 10.00% of their principal amount, payable quarterly in arrears on each March 15, June 15, September 15 and December 15, commencing on September 15, 2008. We have the right, on one or more occasions, to defer the payment of interest on the Debentures for one or more consecutive interest periods through the earlier of the first period in which we pay current interest or five years without being subject to our obligations under the alternative payment mechanism described in this prospectus supplement and for one or more consecutive interest periods that do not exceed 10 years without giving rise to an event of default. In the event of our bankruptcy, holders of the Debentures will have a limited claim for deferred interest. At our option, we may redeem the Debentures at 100% of their principal amount on or after June 15, 2013 or prior to such date after the occurrence of a Ùtax event,ˆ Ùinvestment company eventˆ or Ùcapital treatment event,ˆ as described herein, plus accrued and unpaid interest through the date of redemption. Our right to redeem the Debentures prior to June 15, 2048 is restricted by our obligations in the replacement capital covenant described in this prospectus supplement. The Debentures will be subordinated upon our liquidation to all existing and future senior and subordinated debt of PrivateBancorp, Inc., but will rank equally upon our liquidation with debt that by its terms does not rank senior upon our liquidation to the Debentures and with our trade creditors, and will be effectively subordinated to all liabilities of our subsidiaries. As a result, the Trust Preferred Securities also will be effectively subordinated to the same debt and liabilities. PrivateBancorp, Inc. will guarantee the Trust Preferred Securities on a subordinated basis to the extent described in this prospectus supplement.